Dedicated to Deposits: Deals, Data, and Discussion

5.10% 12-Month / 4.80% 6-Month CD at Park Avenue Bank in New York City

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Park Avenue Bank is again offering some very nice CD specials. These include a 4.80% APY 6-month CD and a 5.10% APY 12-month CD. The minimum deposit is $25,000, and there is no maximum deposit. No checking account is necessary. This special doesn't seem to be listed at the bank's website. A reader mentioned this in the comments, and I just called for additional details. According to the CSR, this just started this week, so they expected it to last for a while. I was happy to hear that it only required a $25K deposit. Their past specials had required $100K.

According to the CSR, a branch visit is required to open an account. Branches are located in Brooklyn and Manhattan.

Park Avenue Bank has a 2 star rating (problematic) at BauerFinancial based on 6/30/08 data. As I recommend with any bank, it's best to keep below the FDIC limits. The bank has been FDIC insured since 1987 (FDIC Certificate # 27096).

Thanks to the reader mrthnman who mentioned this new special in the finding-the-best-deals post.
  Tags: New York, CD rates

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Comments
4 comments.
Comment #1 by trinidon2k (anonymous) posted on
trinidon2k
My family member opened up one of these today. He was about to open the 5% WaMu CD, but then I told him about this deal.

He thanks you tremendously!

1
Comment #2 by Anonymous posted on
Anonymous
cd are aok with this institution whenevr under 250k with in trust for correct> as of 10-03-08>?

1
Comment #3 by trinidon2k (anonymous) posted on
trinidon2k
anonymous, until 12/31/09 individual accounts are FDIC insured up to $250k. If you add POD's to account title, it's an additional $250k for each beneficiary. If it's a joint account, its insured up to $500k.

1
Comment #4 by bksavings (anonymous) posted on
bksavings
After I heard about the rate cut, I stopped by this bank to see if this deal was still going on.
It was, and they've also added a 5.20% 18 month CD, which I was able to open today.

1